Name: Inside Gen AI: The Fintech Revolution
Uploaded: 2023-12-13T10:38:39.379Z
Duration: 515.36
Description: Inside Gen AI is an interview with Jonathan Hall, Head of Digtial, Commercial & Institutions at Natwest Groups. We look into Generative Ai that has become a massive topic in Fintech and try to find out what the real deal is in the future with this technology. Exclusively held at the Fintech Futures insight into Ai event.

Inside Gen AI.mp4

Inside Gen AI.vtt

ENGLISH

{{00:00:07}}
Hello everybody and welcome to
Fintech Futures AI Insights event

{{00:00:12}}
here in the heart of London.

{{00:00:14}}
My name is Tyler Pathe.

{{00:00:15}}
I'm a reporter for Fintech
Futures and I'm so happy to be

{{00:00:19}}
here at the event this morning.

{{00:00:21}}
I was joined on stage by three
experts in the Fintech sector to

{{00:00:28}}
talk about the impact of generative
AI on retail and business.

{{00:00:40}}
So I think all banks and all financial
institutions will be looking at AI at

{{00:00:45}}
the moment and What each of them will be
doing is identifying the key use cases

{{00:00:51}}
that are most important for them and
their customers So for example at NatWest

{{00:00:56}}
We've done some ideation work And we've
got a big long list of opportunities

{{00:01:01}}
that we're looking at and they largely
fall into four categories for us One

{{00:01:04}}
is personalization One is protection.

{{00:01:07}}
So how do we enhance our before systems
and anti money laundering capabilities?

{{00:01:13}}
One is about ops efficiency.

{{00:01:15}}
How do we drive, improve productivity
and lower our cost to serve?

{{00:01:20}}
And then finally, it's
about worker augmentation.

{{00:01:23}}
So how can we draw information for all of
our workers to make them more efficient?

{{00:01:30}}
So I suspect that when you look across
the industry, all the use cases will

{{00:01:35}}
largely fall into those four categories.

{{00:01:47}}
For NatWest, we are currently
looking at deploying WatsonX

{{00:01:51}}
into our retail core app.

{{00:01:54}}
So we publicly announced that.

{{00:01:56}}
It's not quite live
with customers just yet.

{{00:01:59}}
We're going through
proof of concept testing.

{{00:02:02}}
And that promises to provide a much more
human interface for all of our customers,

{{00:02:08}}
all of our retail customers, who can
interrogate the chatbot and get real

{{00:02:13}}
time answers to help solve their needs.

{{00:02:17}}
It's not going to interact with their
personal financial information, but it's

{{00:02:21}}
much more to help them, guide them through
financial services and how we can help.

{{00:02:26}}
Make their lives better.

{{00:02:34}}
Yeah, there's been a lot of talk, hasn't
there, about biases, the ethics of AI.

{{00:02:40}}
And it's really important, as any
organization across all sectors, as they

{{00:02:45}}
deploy this capability, we ensure we do
it in the most ethical and right way.

{{00:02:52}}
It's really important because ultimately
every touchpoint with a customer should

{{00:02:57}}
enhance trust with that organization.

{{00:02:59}}
So we've got to be
really careful as we go.

{{00:03:01}}
deploy this, these new technologies,
that we do it in a way that

{{00:03:04}}
does not have bias in it.

{{00:03:07}}
Now, for financial institutions, we've
been deploying previous forms of AI for

{{00:03:13}}
many years, and we already have governance
processes, like model risk governance

{{00:03:18}}
and so on, and it's really just making
sure that we enhance those to reflect

{{00:03:23}}
the new form of generative AI, and to
make sure that we double down on those.

{{00:03:29}}
principles and practices to make sure
that we're doing it in the right way.

{{00:03:33}}
Some of the things that we're going
to have to do is make sure that

{{00:03:36}}
the data quality, the inputs into
these large language modules, for

{{00:03:41}}
example, is really up to date.

{{00:03:43}}
To make sure that we've got
other artificial intelligence

{{00:03:47}}
algorithms looking at the models.

{{00:03:50}}
And making sure that we're working
with stakeholders, the recipients

{{00:03:53}}
of that information to get
feedback to make sure that it is as

{{00:03:56}}
accurate as we all expect it to be.

{{00:03:58}}
So there's lots of things that we need
to do, but it doesn't mean, it won't

{{00:04:02}}
slow us down and it won't stop us.

{{00:04:12}}
So will AI remove humans?

{{00:04:15}}
So in NatWest, we're we, brand
ourselves as a relationship

{{00:04:19}}
bank in the digital world.

{{00:04:21}}
Of course, the generosity of
AI promises huge amounts it,

{{00:04:26}}
it will bend the cost curve.

{{00:04:28}}
It will drive increased
productivity and efficiencies.

{{00:04:34}}
Really what you've got to think about
is the customer, and there will be

{{00:04:37}}
moments in a customer's lifespan where
they will want some human interaction.

{{00:04:43}}
So generative AI will help improve
their experiences, but at the same

{{00:04:47}}
time, we need to make sure that the
offline and the online worlds combine

{{00:04:52}}
really effectively and efficiently.

{{00:04:54}}
So we do believe that humans
will still play a very important

{{00:04:59}}
role in our customers lives.

{{00:05:09}}
So the genesis of AI technology is still
in its infancy, so that's why you're

{{00:05:15}}
seeing people develop specific use cases.

{{00:05:18}}
I think there are clear opportunities that
all institutions want to capitalize on.

{{00:05:25}}
Are we going to see very
quickly new business models

{{00:05:29}}
emerge and so on and so forth?

{{00:05:30}}
I don't think so.

{{00:05:31}}
I think there's still there's still
lots of validation to be done with the

{{00:05:36}}
new technologies, which, once we get to
the point at which people are deploying

{{00:05:42}}
this at pace, at scale, I think that it
becomes quite exciting, but I think we're

{{00:05:48}}
a little way off that yet, because the
regulatory framework will likely slow

{{00:05:53}}
things down somewhat, but at the end of
the day, the For organizations such as

{{00:05:58}}
NatWest, we want to make sure that we have
measured innovation but safe exploration.

{{00:06:05}}
So this is not about being first
mover, this is about making sure that

{{00:06:10}}
we get it right for our customers
and our colleagues who work for us.

{{00:06:22}}
I think the, when you think about
generative AI, I don't think there's

{{00:06:26}}
going to be a specific innovation.

{{00:06:28}}
Really what's going to happen
is it'll evolve over time.

{{00:06:32}}
And the capabilities and the trust in the
new technology will increase over time.

{{00:06:37}}
So therefore more will get
deployed for customers.

{{00:06:40}}
However, it promises a huge amount.

{{00:06:43}}
Will it be disruptive?

{{00:06:45}}
Yes, I think.

{{00:06:47}}
We've all seen lots of analysis
of how many, how much percentage

{{00:06:51}}
time of people's jobs, or how many
roles could be displaced through the

{{00:06:56}}
deployment of this new technology.

{{00:06:58}}
However, we've seen these promises
before, and they haven't materialized

{{00:07:02}}
at the pace that people first believed.

{{00:07:06}}
I think it'll take us quite a long time
to become significantly disruptive.

{{00:07:10}}
However, there are clearly specific
examples and DeepMind recently launched

{{00:07:22}}
a a new weather model which can
run on a normal or fairly powerful

{{00:07:30}}
laptop and that can run every minute.

{{00:07:35}}
The, there's two big weather models
out there and the one in the U.

{{00:07:39}}
S.

{{00:07:40}}
costs a billion pounds per year to run.

{{00:07:42}}
And this single model that DeepMind
have launched, which is open and they

{{00:07:47}}
published exactly how they've developed
it, can run on a single laptop.

{{00:07:52}}
All of a sudden, you start thinking about
how that particular model can disrupt

{{00:07:57}}
the existing, very expensive, legacy
IT infrastructure, and you get a sense

{{00:08:03}}
of, actually, yes, there's going to be
a lot of disruption, but it's going to

{{00:08:07}}
take a while to pull through the system.

{{00:08:11}}
Thank you so much to everybody
who's joined us here for this

{{00:08:13}}
event in this panel today.

{{00:08:15}}
My name is Tyler Pei, the reporter
at Fintech Futures, and if you'd like

{{00:08:19}}
to find out more about the latest
insights into AI that's driving

{{00:08:22}}
the industry forward, please visit
our website at fintechfutures.

{{00:08:27}}
com.

Hello everybody and welcome to
Fintech Futures AI Insights event

I'm a reporter for Fintech
Futures and I'm so happy to be

I was joined on stage by three
experts in the Fintech sector to

talk about the impact of generative
AI on retail and business.

So I think all banks and all financial
institutions will be looking at AI at

the moment and What each of them will be
doing is identifying the key use cases

that are most important for them and
their customers So for example at NatWest

We've done some ideation work And we've
got a big long list of opportunities

that we're looking at and they largely
fall into four categories for us One

So how do we enhance our before systems
and anti money laundering capabilities?

How do we drive, improve productivity
and lower our cost to serve?

And then finally, it's
about worker augmentation.

So how can we draw information for all of
our workers to make them more efficient?

So I suspect that when you look across
the industry, all the use cases will

For NatWest, we are currently
looking at deploying WatsonX

It's not quite live
with customers just yet.

We're going through
proof of concept testing.

And that promises to provide a much more
human interface for all of our customers,

all of our retail customers, who can
interrogate the chatbot and get real

It's not going to interact with their
personal financial information, but it's

much more to help them, guide them through
financial services and how we can help.

Yeah, there's been a lot of talk, hasn't
there, about biases, the ethics of AI.

And it's really important, as any
organization across all sectors, as they

deploy this capability, we ensure we do
it in the most ethical and right way.

It's really important because ultimately
every touchpoint with a customer should

So we've got to be
really careful as we go.

deploy this, these new technologies,
that we do it in a way that

Now, for financial institutions, we've
been deploying previous forms of AI for

many years, and we already have governance
processes, like model risk governance

and so on, and it's really just making
sure that we enhance those to reflect

the new form of generative AI, and to
make sure that we double down on those.

principles and practices to make sure
that we're doing it in the right way.

Some of the things that we're going
to have to do is make sure that

the data quality, the inputs into
these large language modules, for

To make sure that we've got
other artificial intelligence

And making sure that we're working
with stakeholders, the recipients

of that information to get
feedback to make sure that it is as

So there's lots of things that we need
to do, but it doesn't mean, it won't

So in NatWest, we're we, brand
ourselves as a relationship

Of course, the generosity of
AI promises huge amounts it,

It will drive increased
productivity and efficiencies.

Really what you've got to think about
is the customer, and there will be

moments in a customer's lifespan where
they will want some human interaction.

So generative AI will help improve
their experiences, but at the same

time, we need to make sure that the
offline and the online worlds combine

So we do believe that humans
will still play a very important

So the genesis of AI technology is still
in its infancy, so that's why you're

seeing people develop specific use cases.

I think there are clear opportunities that
all institutions want to capitalize on.

Are we going to see very
quickly new business models

I think there's still there's still
lots of validation to be done with the

new technologies, which, once we get to
the point at which people are deploying

this at pace, at scale, I think that it
becomes quite exciting, but I think we're

a little way off that yet, because the
regulatory framework will likely slow

things down somewhat, but at the end of
the day, the For organizations such as

NatWest, we want to make sure that we have
measured innovation but safe exploration.

So this is not about being first
mover, this is about making sure that

we get it right for our customers
and our colleagues who work for us.

I think the, when you think about
generative AI, I don't think there's

Really what's going to happen
is it'll evolve over time.

And the capabilities and the trust in the
new technology will increase over time.

So therefore more will get
deployed for customers.

We've all seen lots of analysis
of how many, how much percentage

time of people's jobs, or how many
roles could be displaced through the

However, we've seen these promises
before, and they haven't materialized

I think it'll take us quite a long time
to become significantly disruptive.

However, there are clearly specific
examples and DeepMind recently launched

a a new weather model which can
run on a normal or fairly powerful

The, there's two big weather models
out there and the one in the U.

FinTech Futures

Event Session

Inside Gen AI is an interview with Jonathan Hall, Head of Digtial, Commercial & Institutions at Natwest Groups. We look into Generative Ai that has become a massive topic in Fintech and try to find out what the real deal is in the future with this technology. Exclusively held at the Fintech Futures insight into Ai event.